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Please help me figure out what forms and how to fill out the tax return for this problem. Can you please explain how you got
Please help me figure out what forms and how to fill out the tax return for this problem. Can you please explain how you got the answers.
Jonah is a single father of two children ages 8 and 11. He provides 100% of their support and works full time at a local golf course. He recently finished college and is repaying his student loans. To earn some extra income Jonah started a small business in September 2020 making and fitting, custom golf grips. Jonah has hired you to complete his 2020 federal tax return. You are to complete form 1040 and all other appropriate forms and schedules. He does not want to contribute to the Presidential election campaign and does not want to elect a third party designee. He had qualifying health coverage for him and his children all year. Jory Driver Amelia Driver 10 Cup Lane DOB 6-15-2009 DOB 10-1-2012 Tucson, AZ 85703 SS# 555-12-6790 Jonah Driver SS# 555-12-6791 SS# 555-12-6789 $32,000 3,445 32,000 Jonah's W-2 wages Federal Withholding Social Security Wages Social Security Withholding Medicare withholding State Withholding Student loan interest paid 1,984 464 3,200 112 Home Business Get a Grip, LLC - Beg. 9/1/2020 Gross receipts $3,000 COGS 1,000 Organizational Costs (filings) 120 Business Cards 20 150 Phone (uses personal cell phone;50% business use) 100/month Tools (non-depreciable) Jonah uses his personal vehicle, a 2016 Chevy Silverado, for the business. It was put into service 9/1/2020 and he keeps. written records. He uses the standard mileage deduction. His mileage at the beginning of the year was 65,000 and 78,000 at year end. He drove the vehicle 850 miles for the business Step by Step Solution
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